AMENDMENT #2 TO OPTION AGREEMENT
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THIS AGREEMENT made as of the 20THday of December, 2002.
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BETWEEN:
XXXX XXXXX XXXXXXXXX X.Xx., Geologist, of #50 - 0000 000xx Xxxxxx, Xxxxxx,
Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Optionor")
OF THE FIRST PART
AND:
PRINCETON VENTURES, INC.,
A Nevada corporation
(the "Optionee")
OF THE SECOND PART
WHEREAS:
A. The parties entered into an option agreement dated May 18, 2001, as
amended November 30, 2001 (the "Agreement")
B. The parties wish to amend the Agreement to extend certain dates for
completion of work programs on the Property.
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the mutual
covenants and conditions herein contained and in consideration of the sum of
$1.00 paid by the Optionee to the Optionor (the receipt of which is hereby
acknowledged), the parties have agreed and do hereby agree as follows:
1. The Agreement is hereby amended by deleting paragraph 4 and replacing it
with the following:
GRANT AND EXERCISE OF OPTION
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1. (a) The Optionor hereby grants to the Optionee the sole and exclusive right
and option to acquire a 100% undivided interest in and to the Property free
and clear of all charges, encumbrances and claims.
(b) The Option shall be exercised by the Optionee:
(i) paying the Optionor $1,000 U.S. on the execution of this Agreement,
the receipt of which is hereby acknowledged by the Optionor;
(ii) allotting and issuing to the Optionor, as fully paid and
non-assesable, the Shares as follows:
(A) 5,000 shares forthwith upon execution of this Agreement;
(B) 50,000 shares upon the completion of the third phase of an
exploration program on the Property on or before November 30,
2003
(iii) incurring Exploration Expenditures of $135,000 U.S. on the Property
on a three-phase exploration program as follows:
(A) $5,000 U.S. on or before Xxxxx 00, 0000
(X) a further $10,000 U.S. on or before June 30, 2003; and
(C) a further $120,000 U.S. on or before Novenber 30, 2003.
In the event that the Optionee spends, in any of the above periods, less
than the specified sum, it may pay to the Optionor the difference between
the amount it actually spent and the specified sum before the expiry of
that penod in full satisfaction of the Exploration Expenditures to be
incurred. In the event that the Optionee spends, in any period, more than
the specified sum, the excess shall be carried forward and applied to the
Exploration Expenditures to be incurred in succeeding periods.
The Option shall be deemed to be exercised upon the Optionee making all
payments, issuing all shares and incurring all Exploration Expenditures in
accordance with this Paragraph 4(b).
(c) If and when the Option has been exercised, a 100% undivided right, title
and interest in and to the Property shall vest in the Optionee free and
clear of all charges, encumbrances and claims.
2. The Option Agreement shall continue in full force and effect without
amendment except as expressly amended by this Agreement.
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IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day
and year first above written
SIGNED, SEALED AND DELIVERED )
BY XXXX XXXXX XXXXXXXXX )
in the presence of: )
)
/s/ Xxxxxx X. Xxxxxxx ) /s/ Xxxx Xxxxx Xxxxxxxxx
____________________________________)____________________________________
Signature ) Signature
Xxxxxx X. Xxxxxxx )
_________________________________ )
Name )
__________________________________ )
Address )
THE COMMON SEAL OF
PRINCETON VENTURES INC.
was hereunto affixed in the
presence of:
/s/ Xxxxxxx Xxxxxxxxx
________________________________ C/S
Authorized Signatory
